Public Sector Allahabad Bank Monday announced that its net profit increased to Rs.258 crore for the quarter ended March 2011 as against Rs.225 crore in the corresponding quarter last year, registering a year-on-year growth of 14.74 percent.
"Operating profit as at March 2011 quarter-end stood at Rs.780 crore as against Rs.658 crore last year showing a YoY growth of 18.56 percent," Bank Chairman and Managing Director J.P. Dua told a press conference here.
He said: "The net interest income during the fourth quarter last fiscal stood at Rs.1,151 crore as against Rs.743 crore last year showing a YoY growth of 55.04 percent. Non-interest income during the quarter stood at Rs.300 crore as against Rs.213 crore in the corresponding period last year."
"The net interest margin (NIM) surges to 3.49 percent at the end fourth quarter last fiscal as against three percent corresponding period of 2010," he said.
According to Dua, the bank's yield on advances stood at 10.71 percent at the end of March 2011 quarter from 5.58 percent at the quarter ending March 2010.
Stating that for the last fiscal, the bank's total non-performing assets (NPA) amounted to Rs.1,221 crore, Dua said its gross NPA to gross advances ratio stood at 1.74 percent.
The Allahabad Bank has at present one overseas branch at Hong Kong and has plans to open four more, including a second one in Hong Kong, and one each in Shanghai, Singapore and Dhaka.
"We are waiting for approval from the Reserve Bank of India," Dua said.